What is a lifestyle business and why is it ok to have one?
Are you a small business owner considering expanding?
We all want to strive to get the most out of our business. We create something from scratch and much like it is cheaper to market to an existing client then aquire a new one, the same applies to the the limits of your business. If you want your creation to reach the masses, then as an entrepreneur in Canada or the United states, you will need to work hard!!! Nothing comes easy, but some things are worth the work.
A lifestyle business is an enterprise created and operated with the primary goal of supporting the owner's desired lifestyle, rather than maximizing profit, rapid growth, or a future sale. It's about designing a business that fits your life, instead of fitting your life around your business.
As a small business owner in Toronto, I understand that it would be fantastic to push out to more markets, and grow my business from Canada to the USA, however, I also know that it will be much more work and time pulled away from my family, friends and the things that make me happy. Whether you are a small business in Oakville, Burlington, or Leslieville, you will always be left with the choice to decide how far you want to take your business and what you are willing to sacrifice to make it happen. At the end of the day the sacrifice can look like a massive investment that requires you selling your home to make happen, or a move that pulls you away from your family. Possibly extended hours of work that will prevent you from enjoying nature and exercise that often can recharge solopreneurs. When deciding your limits and what is worth the energy in “pursuing the dream”, factor in the following;
Benefits of a lifestyle business?
Owner-centric: The business is built around the owner's passions, skills, and personal interests.
Work-life balance: A key focus is on achieving a healthy balance between professional and personal life. Owners often have control over their schedules, work hours, and location.
Personal fulfillment: It allows the owner to pursue something they genuinely enjoy, turning hobbies or personal talents into a sustainable income source.
Flexibility: Lifestyle businesses often offer the freedom to work from anywhere and set your own hours, adapting to personal commitments and changing circumstances.
If overextending yourself is interfering with your lifestyle, then less might be more. Reach out if you want to discuss your options with a business coach.